Washington Real Estate Investment Trust, a real estate investment trust (REIT), engages in the ownership and development of real estate properties in the greater Washington—Baltimore region. The company owns a diversified portfolio of general purpose office buildings, medical office buildings, industrial/flex properties, multifamily buildings and retail centers. Portfolio As of December 31, 2006, the company owned a diversified portfolio of 82 properties consisting of 24 general purpose office properties, 13 medical office properties, 14 retail centers, 9 multifamily properties, 22 industrial/flex properties and land held for development. The company engages in ground-up development. The company has three ground-up development projects underway. The first is a 224-unit apartment property in Arlington, VA, referred to as Bennett Park, and the high-rise building. The second is a 75-unit apartment property in Alexandria, VA referred to as The Clayborne Apartments. The third is its Dulles Station in Herndon, VA. The property is entitled for two office buildings totaling 540,000 square feet. Tenants The company’s Federal government tenants include the Department of Defense, U.S. Patent and Trademark Office, Federal Bureau of Investigation, Office of Personnel Management, Secret Service, Federal Aviation Administration, NASA and the National Institutes of Health. WRIT’s larger non-federal government tenants include the World Bank, Sunrise Senior Living, Inc., Sun Microsystems, INOVA Health Systems, URS Corporations, George Washington University, Lockheed Corporations, United Communications Group and Westat. Acquisitions During 2006, the company acquired four general purpose office buildings, eight medical office buildings, three retail centers and seven industrial properties. Dispositions During 2006, the company sold three office buildings and one industrial property. Tax Status The company has elected to be taxed as a real estate investment trust (REIT) under the Internal Revenue Code of 1986, as amended. As a result, the company generally is not subject to Federal or State income taxation at the corporate level to the extent it distributes annually at least 90% of its REIT taxable income to its shareholders and satisfies certain other requirements. History Washington Real Estate Investment Trust was founded in 1960.
washington reit (WRE:New York)
6110 Executive Boulevard
Rockville, MD 20852-3927
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